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Report No. : |
323967 |
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Report Date : |
28.05.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
RAK Free Zone, 10559 Ras Al Khaimah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
03.09.2006 |
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Legal Form : |
Free Zone Company – FZC |
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Line of Business : |
Engaged in the import, export and distribution of nuts and dried foods |
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No of Employees : |
5 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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UAE |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
UAE ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the country has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. The country's free trade zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi-emirate government that was refinanced in March 2014. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.
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Source
: CIA |
Company Name : JAF FZC
Country of Origin : Ras Al Khaimah, United Arab Emirates
Legal Form : Free Zone Company - FZC
Registration Date : 3rd September 2006
Trade Licence Number : 2044
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 5
Activities : Distributor of nuts and dried foods.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Person Interviewed : Jai Krishnan Agrawal, Managing Director
JAF FZC
Location : RAK Free Zone
PO Box : 10559
Town : Ras Al Khaimah
Country : United Arab Emirates
Telephone : (971-4) 1111111
Facsimile : (971-4) 1111111
Building : Gold Crest Executive Tower,
Cluster C, Office No. 1810
Area : Jumeirah Lake Towers
PO Box : 6946
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4305178 / 4528968
Facsimile : (971-4) 4528968
Mobile : (971-50) 7157364
Email : jaiagrawalla@gmail.com / info@fazfxc.com / info@jaffzc.com
Please note that
subject’s previous address was, 3008
Palladium Tower, Jumeirah Lakes Towers, Dubai.
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Nationality Position
·
Jai
Krishnan Agrawal Indian Managing Director
·
Al
Filatof - Director
Date of Establishment : 3rd
September 2006
Legal Form :
Free Zone Company - FZC
Trade Licence No. : 2044
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
·
Jai
Krishnan Agrawal 50%
·
Al
Filatof 50%
Activities: Engaged in the import, export and
distribution of nuts and dried foods.
Import
Countries: Europe and the
Far East
Principal Suppliers:
·
Bambay Foodstuff Dubai
·
Kamrup Ltd India
Operating Trend: Steady
Subject has a
workforce of 5 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales UAE Dh
13,950,000 UAE Dh
14,400,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Mashreq
Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4) 2229131 / 2221134
No complaints
regarding subject’s payments have been reported.
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs. 63.94 |
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|
1 |
Rs. 98.63 |
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Euro |
1 |
Rs. 69.85 |
INFORMATION DETAILS
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Analysis Done by
: |
RSM |
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Report Prepared
by : |
DPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.